Last checked at 9 Jul 2009 16:29
Avacta Group plc
Acquisition of Theragenetics Limited
Avacta Group plc ("Avacta" or the "Company"), which develops detection and analysis technology aimed primarily at the pharmaceutical and healthcare markets, with additional applications in the industrial and security sectors, is pleased to announce that further to the acquisition of Theragenetics Limited on 14 January 2009 and agreement of the Completion Accounts, additional consideration of £596,000 of the maximum additional consideration of £1,050,000 will be paid. This additional consideration has been satisfied by the issue of 11,542,534 ordinary shares of 0.1p ("Ordinary Shares") and £249,724 of Convertible Loan Notes convertible into 8,324,133 Ordinary Shares.
Furthermore, the Company has received conversion notices from each of the holders of the Convertible Loan Notes. Accordingly, the Company has issued 8,324,133 Ordinary Shares in respect of the additional consideration and 13,644,055 Ordinary Shares in respect of the Convertible Loan Notes issued on 14 January 2009.
The total number of shares which have been issued is 33,510,722 Ordinary Shares ("the Consideration Shares"). Following the issue of the Consideration Shares, the total number of Ordinary Shares in issue is 1,151,751,371.
Application will be made for the Consideration Shares to be admitted to trading on AIM, which is expected to take place on 15 July 2009.
Enquiries:
| Avacta Group plc Tim Sykes, Chief Financial Officer www.avacta.com | Tel: 0870 835 4367 |
| Daniel Stewart & Company plc Simon Leathers/Charlotte Stranner www.danielstewart.co.uk | Tel: 020 7776 6550 |
Notes to Editors:
Avacta was spun-out from the University of Leeds in 2004 by its current management team as a biophysics company, with the aim of combining the disciplines of physics and biology to develop innovative technologies and expert technical services to address needs in the pharmaceutical, defence and clinical diagnostics markets. Avacta has a core bio-analytical technology development programme addressing the needs of the biopharmaceutical sector to fully characterise their new products at the earliest stage in their development to reduce the risk of late stage failure. High value solutions in clinical diagnostics are also being targeted for these core bio-analytical technologies and for Avacta's trace gas analysis technology as well as opportunities in industrial and military sensing applications. A successful and growing part of the Avacta business model is its technical services arm, Avacta Analytical Limited, which is focused on providing leading edge contract research to the biopharmaceutical and healthcare/personal-care materials sectors. Avacta listed on AIM in August 2006 through the reverse takeover of Readybuy plc which changed its name to Avacta Group plc.